PR Announcement from Ambling Management Company (January 21, 2009)

Barkwell Named President of Ambling Management Company Chief operating officer of Ambling Management Company, Kimberly A. Barkwell was appointed president of Ambling Management Company.

Former COO Brings 25 Years Real Estate Experience

ATLANTA (Jan. 21, 2009) – Ambling Management Company, an affiliate of Ambling Companies, Inc. specializing in student, affordable and conventional housing, appointed Kimberly A. Barkwell president. Barkwell is responsible for all facets of the company’s operations, including strategic planning, overall property management, new business development and company culture preservation.

“Kimberly has played an integral role in the growth and success of Ambling Management Company for more than six years and is very deserving of her new title and responsibilities,” said Mike Godwin, president and CEO of Ambling Companies, Inc. “Her leadership has made Ambling Management one of the most respected companies in the industry, and we are excited to see where she will lead the organization in the future.”

Most recently, Barkwell held the position of chief operating officer of Ambling Management Company. In that role she led the development of all company policies and procedures and information technology. She also directed the marketing department, compliance department, assessment and recovery team, due diligence, national purchasing, maintenance and facilities management, along with budgeting and financial performance of the management company operations.

With more than 25 years of experience in real estate property management, Barkwell previously served as regional vice president with Brisben Companies/National Realty Management where she directed the overall operations of the Northeast and Mid-Atlantic regions. Prior to that she worked with AIMCO/Insignia Management Group as both regional vice president and vice president of business development where she directed operations of large conventional and affordable residential portfolios of up to 21,000 units. Barkwell also held various roles with the Duddlesten Companies.

“Like many other businesses, we know that the apartment industry is going to continue to be adversely affected by the economy in the days to come,” Barkwell said. “To combat these negative effects, Ambling Management Company is taking a proactive approach to analyze every core process and system within our organization and implement changes as needed to eliminate waste and identify cost savings initiatives, as well as ensure maximum efficiency within our site and corporate operations. In addition, we are determined to invest more in our people by providing custom-designed higher-level training and mentoring programs that will increase knowledge and accountability, as we know that our reputation and future success depends on their expertise and willingness to satisfy our customers.”